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The Business Side
Nina Cooper owns and operates Nina Designs, a wholesale import company specializing in Balinese beads and jewelry components. She is also a frequent contributor to this magazine. You've been making jewelry for a while. People always stop to compliment your work and ask where you purchased it. Perhaps you've already sold a few pieces. Now you're thinking about taking the next step and turning your hobby into a business. Before you take the big leap, here are a few factors to consider. On one hand, there are some clear advantages to starting a business. First and foremost, making purchases at wholesale prices can sharply reduce the costs of supplies and materials, especially if you're buying in large quantities. As a businessperson, you will have greater access to resources such as catalogs and trade shows. In the process of creating and selling your jewelry, you will be exposed to and inspired by the work of many other designers. Finally, being accepted as a professional by peers and clients is a wonderful source of self-esteem. On the other hand, running a business can be very demanding and requires a considerable amount of paperwork and fiscal discipline. Don't underestimate the amount of time and effort involved in bookkeeping. It is crucial to track sales, inventory, and expenses accurately, a task that may seem daunting to the uninitiated. Collecting and reporting sales tax adds to the job if you plan to sell retail. Many artists are uncomfortable with accounting and money aspects of owning a business. To avoid expensive mistakes, it is worth consulting a professional to help you understand your legal responsibilities and to set up a bookkeeping system right at the start of your enterprise. Think carefully about where and how you plan to market your work. Selling to friends and colleagues is a great way to launch your business. Once word spreads, you will be surprised how many people will ask to see your jewelry. Home parties can also be good venues. Keep a mailing list of all the people who buy from you so you can send out invitations and announcements. You might explore craft fairs, flea markets, and conferences as well. In time, you will develop a feel for your market. When you know who your customer is - age, sex, profession - it becomes easier to decide where and how to sell. Wholesale sales can lead to rapid growth, but there are many risks involved in growing too quickly.
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